1.
It is in Scotland supported by the evidence of the public fiars, annual valuations made upon oath, according to the actual state of the markets, of all the different sorts of grain in every different county of Scotland
2.
I bid as high as I could go, combining both valuations of the first I had lost and the book valuation of this one
3.
These are annual valuations, according to the judgment of an assize, of the average price of all the different sorts of grain, and of all the different qualities of each, according to the actual market price in every different county
4.
Some additional expense would necessarily be incurred, both by the different register-offices which it would be proper to establish in the different districts of the country, and by the different valuations which might occasionally be made of the lands which the proprietor chose to occupy himself
5.
On the other hand, the Scranton operation is now probably worth some $75 million, based on some industry valuations
6.
Ludwig von Mises27 stated, “What counts in the frame of the market economy is not academic judgments of value, but the valuations actually manifested by people in buying or not buying
7.
A precise itemization would require separate valuations for
8.
The value listings are based upon the USDA valuations for foods
9.
valuations in our sector were running at about 4 x eBiT
10.
they were disappointed in the low valuations and turned their
11.
Entrepreneurs should be highly averse to high valuations
12.
ordinary shares to give the Investor a share of the higher exit valuations
13.
at higher exit valuations
14.
typically will not be readjusted with subsequent higher valuations
15.
This could then be adjusted for higher or lower exit valuations
16.
For example, the parties could take the two opposing valuations and use these
17.
• VC fund’s equity share will remain at 33% for all exit valuations below
18.
• The Investor’s ROI on exit valuations between $25 million and $50 million
19.
Alternatively, a much more aggressive model would see the valuations move
20.
in the Investor’s favour with lower exit valuations and more security on the down
21.
At higher exit valuations, the pendulum swings the other way,
22.
The social network valuations have been remodeled based on current
23.
He presumed falsly that man can assess himself in all judgements and valuations without the need of God
24.
Jacob gave the simple, stunning reason for their crazy valuations: precisely their delicacy
25.
The valuations must be completed this week
26.
There were valuations entered by two previous valuers, both known to Jacob and a column waiting for his inputs
27.
We need to have the valuations lodged with our insurer by close of business
28.
Jacob continued his valuations, made excellent progress
29.
(See Chapter 16 for more discussion of stock market valuations at the 2008 low
30.
But in the second-order realm one looks not to revenues but to the share of potential customers, the so-called eyeball count to justify extraordinarily high valuations
31.
In it Shiller argued that only the irrational exuberance of investors could explain the unreasonably high stock market valuations then current
32.
He went on to predict an imminent return to more normal valuations and an attendant substantial drop in stock prices
33.
One generally seeks guidance from the historical data on valuations of similar companies to estimate some normal range of fair prices for a business with similar characteristics
34.
But when they do they identify situations in which investment crowds have pushed stock market valuations so high or so low that the correct long-term investing stance becomes obvious
35.
Mortgage interest rates are currently at historically low valuations: below 3% APR for a 15-year fixed-rate mortgage, and below 3
36.
While they have recovered somewhat since the real estate bubble burst in 2007, valuations are still attractive compared to what they were before
37.
Of course Vodafone could have fallen, but other mobile companies had similar valuations, so Orange was the odd one out
38.
For instance, valuations of assets are fairly subjective and depend on the purpose for which the figure is being prepared
39.
Clearly that leaves ample room for a bit of a nudge or window-dressing by adjusting valuations or bringing forward some items and delaying others, to give the total figure the company wants to project
40.
Some of the brokers/advisers provide free services to help, such as elementary charts and portfolio valuations, as well as some highlights from stockbrokers’ circulars
41.
Analysts were saying once it gets approval, they should be looking for a buyer, putting out valuations in the 20s
42.
But unfortunately they were purely artificial valuations, to which the appraisers were willing to attach their names for a fee, and whose only function was to deceive the investor as to the protection which he was receiving…
43.
But unfortunately they were purely artificial valuations, to which the appraisers were willing to attach their names for a fee, and whose only function was to deceive the investor as to the protection which he was receiving
44.
The temptation to speculate recurs regularly, as animal spirits send markets soaring beyond valuations that the fundamentals would justify
45.
A contemporaneous increase in cable valuations, as well as strong results from industry leaders Time Warner and Comcast, helped Adelphia to garner the votes it needed in support of the plan
46.
Interestingly, the private equity firms themselves are going public at generous valuations even though they have little permanent capital, the lifeblood of their businesses
47.
The second, appearing in 1931–1933, marked down property accounts to the much lower valuations associated with the depression
48.
27 we pointed out the twofold danger inhering in this magnification of the trend—the first being that the supposed trend might prove deceptive, and the second being that valuations based upon trend obey no arithmetical rules and therefore may too easily be exaggerated
49.
1 There was also the tendency to make more sweeping distinctions in the valuations of different kinds of common stocks
50.
As pointed out before, these generous valuations were based upon the assumed continuance of the upward trend shown over a longer or shorter period in the past
51.
He may set up a basis for conservative or investment valuation of common stocks, as distinguished from speculative valuations
52.
The then current earnings of aluminum fabricators lead to market valuations which implied that their existing capacity was worth well in excess of $1,000 per ton per year
53.
The most liberal valuations have recently been accorded to the large and well-entrenched industrial enterprises which were able to maintain substantial earnings during the depression and are considered to possess favorable long-term prospects
54.
It should be useful also in illustrating again the wide technical difference between the critical approach of security analysis and the highly superficial reactions and valuations of the stock market
55.
In other words, these are in no sense business valuations; they are products of Wall Street’s legerdemain, or possibly of its clairvoyance
56.
But soon, these excessively low valuations were pushed off the front pages by the most generous and lax lending standards of all time
57.
Certain mathematical techniques of a rather sophisticated sort have perforce been invoked to support the valuations arrived at
58.
However, we must point out a troublesome paradox here, which is that the mathematical valuations have become most prevalent precisely in those areas where one might consider them least reliable
59.
We should have added a caution somewhat as follows: The valuations of expected high-growth stocks are necessarily on the low side, if we were to assume these growth rates will actually be realized
60.
We doubt whether the valuations so reached will prove sufficiently dependable in the case of the typical industrial company, great or small
61.
Why? First, many security analysts are bound to make current or projected valuations, as part of their daily work
62.
Corporate accounting is often tricky; security analysis can be complicated; stock valuations are really dependable only in exceptional cases
63.
But how relevant is this figure, generally considered central in common-stock valuations, to the case of ALCOA? Its past growth rate was excellent, actually a bit better than that of acclaimed Sears Roebuck and much higher than that of the DJIA composite
64.
High valuations entail high risks
65.
Our statement that the current price reflects both known facts and future expectations was intended to emphasize the double basis for market valuations
66.
The total market value of these good-will items at the end of 1968 was more than $120 billions! Despite these optimistic market valuations the group as a whole showed a price advance per share of 15% between December 1968 and August 1971, and acquitted itself best among the 20-odd lists studied
67.
* This was almost unheard of in the annals of serious stock-market valuations
68.
Our Table 18-4 sets forth in dollar figures and in ratios the extraordinary discrepancy in the comparative valuations of Block and Blue Bell
69.
A generation or more ago it was the standard rule, recognized both in average stock prices and in formal or legal valuations, that intangibles were to be appraised on a more conservative basis than tangibles
70.
This brings me to one or two additional mathematical aspects of the new attitude toward common-stock valuations, which I shall touch on merely in the form of brief suggestions
71.
† Investors should keep these words at hand and remind themselves of them frequently: “Stock valuations are really dependable only in exceptional cases
72.
Talk about “almost unheard of in the annals of serious stock-market valuations”! H & R Block remains a publicly-traded company, while Blue Bell was taken private in 1984 at $47
73.
It seems quite clear to us that either corporations are making very significant mistakes in purchasing entire businesses at prices prevailing in negotiated transactions and takeover bids, or that we eventually are going to make considerable sums of money buying small portions of such businesses at the greatly discounted valuations prevailing in the stock market
74.
5 percent, which produces the valuations on a per share basis shown in Table 11
75.
But he uses these as checks on the transactions-based valuations that he assembles from studying the market for control
76.
Their valuations are based on assets and current earnings power, and they are skeptical about the potential for profitable growth
77.
New information requires new valuations, and a company that looks fully valued in January can become a bargain by June
78.
There is often free-entry into industries with differentiated products, but the same asset valuations hold
79.
Although their statements seem to have validity from a minute-to-minute or day-to-day trading point of view, there is no evidence whatsoever that new information immediately affects common stock valuations from the point of view of fundamental finance investing
80.
Miller in 1958,2 in an article entitled “The Cost of Capital, Corporation Finance and the Theory of Investment,” states in effect that as long as management is presumed to be acting in the best interests of the stockholders, retained earnings should be regarded as equivalent to a fully subscribed, preemptive issue of common stock, and therefore that dividend payout is not material in the valuations of a common stock
81.
Examples of investment groups that are either indifferent to market price fluctuations or hopeful that they will go down on occasion include individual stockholders who would benefit from low market valuations for, say, estate tax or personal-property tax purposes; investors who are primarily interested in maximizing their cash returns and/or continually creating cash for new investment from noninvestment sources; and those desiring to accumulate large positions, either to exercise control or to influence control shareholders
82.
Valuations are based on determining the present value of estimated future flows, whether cash or earnings
83.
As has been pointed out, reality tends to be one thing when a company is examined as a going concern but quite another when the same set of numbers is used, for resource conversion valuations
84.
Although it is too much to expect GAAP or IFRS to report truth or economic reality for purposes of equity valuations, GAAP or IFRS are the basic tools needed for making judgments about the managements of most companies either as operators, investors, or financiers
85.
That valuations ordinarily should be different between these two markets seems obvious
86.
However, if that had been done, Corporation’s reported earnings from 1969 forward would have been substantially lower, with consequent possible adverse effects on stock market valuations
87.
How does implied volatility affect option valuations and option prices? It is always worth considering extreme cases when trying to assess the effect on options of a change in a key variable
88.
When looking at the fundamentals of infrastructure stocks, the valuations (P/E Ratio, etc
89.
This is an area of the hedge fund that will change frequently, depending on which sector is offering attractive valuations at the time
90.
He currently uses inverse ETFs to hedge his portfolio when sentiment indicators and other valuations show that the market is overvalued
91.
Similarly when Robert Silberman took over as CEO of Strayer Education in 2001, he said he was not going to focus on any of the metrics that generally drive public company valuations, such as revenue growth, operating income growth, and margin expansion
92.
Greed and fear come into play in the markets and carry trends far beyond where rational fundamental valuations could ever take them
93.
“The human emotions of greed and fear can also drive equities to overshoot fundamental valuations by absurd amounts
94.
Apple options deep out-of-the-money more resembled penny stocks for their lack of volume and random valuations based on a few random buyers than stock options of one of the world’s premier corporations
95.
There are higher quality valuations than others, just as there are higher quality businesses than others
96.
BOTTOM LINE: You need to give yourself a range of conservative estimates and valuations
97.
Estimates and probabilities will change over time, which means valuations will as well
98.
This is why it’s so important to focus on a business’s sustainable competitive advantages before making decisions based on highly dynamic discounted cash flow valuations
99.
Now that you know perfect precision with regards to valuation is not needed (nor realistic), I will show you how we can create a range of valuations using conservative estimates and probabilities
100.
The margin of safety in these types of businesses is usually non-existent because they are already identified as great companies, and the market bids them to extreme valuations
